year end rollover

nlehrlich · Post by **nlehrlich** » Thu Dec 09, 2004 9:30 pm

At year end should all the amounts in income and expense accounts zero out? I have various funds and have negative amounts in the accounting fund balances, these carried over from last year, (our first year) did I miss something in closing the year end?
Anyone have any suggestions on fixing this at the end of six months, if that is the case?

Randy B · Post by **Randy B** » Fri Dec 10, 2004 7:42 am

The general accounting equation on the balance sheet is Assets = Liabilities + Equity. You could have a negative fund balance is expenditures have exceed revenues in your fund. If the fund should have assets like a checking or savings account, then transferring that to the fund with the negative fund balance will either reduce or eliminate the negative fund balance. The other option you have is to do a transfer from another fund. The end result though is you would be lowering a positive fund balance in another fund.

Matt · Post by **Matt** » Sat Dec 11, 2004 7:34 pm

Another thing to look for is postings where the debited fund is different than the credited fund.